Materialise NV (NASDAQ:MTLS), a leading provider of additive
manufacturing and medical software and of sophisticated 3D printing
services, today announced its financial results for the full year
and fourth quarter ended December 31, 2018.
Highlights – Full Year and Fourth Quarter 2018
Full Year 2018:
- Total revenue increased 29.6% to
184,721 kEUR for 2018 from 142,573 kEUR in 2017.
- Adjusted EBITDA increased 61% to 23,526
kEUR for 2018 from 14,610 kEUR for 2017.
- Net profit for 2018 was 3,027 kEUR, or
0.06 EUR per diluted share, compared to a loss of (2,117) kEUR last
year.
Fourth Quarter 2018:
- Total revenue increased 9.6% to 49,014
kEUR for the fourth quarter of 2018.
- Adjusted EBITDA increased 4.24% to
6,052 kEUR for the fourth quarter of 2018.
- Net profit for the fourth quarter of
2018 was 525 kEUR, or 0.01 EUR per diluted share, compared to 1,067
kEUR, over the same period last year.
Executive Chairman Peter Leys commented, “2018 has been a good
year for Materialise. Our annual revenues grew by 30% to 184,721
kEUR, our Adjusted EBITDA grew by 61% to 23,526 kEUR, and our
deferred revenue from license and maintenance fees increased 3,883
kEUR to 22,606 kEUR, all at the higher end of the range we
forecasted at the beginning of the year. In addition, cash flow
from operating activities in 2018 was 28,321 kEUR compared to 9,951
kEUR in 2017, and, as a result of the capital we raised in 2018,
our cash and cash equivalents at the end of 2018 totaled 115,506
kEUR compared to 43,175 kEUR at the end of last year. This
financial strength positions us well to capture new growth
opportunities going forward, even if the macro-economic conditions
become less favorable.”
Fourth Quarter 2018 Results
Total revenue for the fourth quarter of 2018 increased 9.6% to
49,014 kEUR compared to 44,733 kEUR for the fourth quarter of 2017.
Adjusted EBITDA increased to 6,052 kEUR from 5,806 kEUR. The
Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue)
in the fourth quarter of 2018 was 12.3% compared to 13.0% in the
fourth quarter of 2017.
Revenue from our Materialise Software segment decreased 4.1% to
10,044 kEUR for the fourth quarter of 2018 from 10,468 kEUR
for the same quarter last year. Deferred revenue from license and
maintenance fees within the segment increased by 965 kEUR compared
to last year’s quarter. Segment EBITDA decreased to 2,969 kEUR from
4,619 kEUR while the segment EBITDA margin was 29.6% compared to
44.1% in the prior-year period.
Revenue from our Materialise Medical segment increased 27.4% to
15,081 kEUR for the fourth quarter of 2018 compared to 11,842 kEUR
for the same period in 2017. Compared to the same quarter in 2017,
revenues from medical devices and services grew 39.6%, and revenues
from our medical software grew 6.9%. Segment EBITDA was 3,593 kEUR
compared to 2,158 kEUR while the segment EBITDA margin increased to
23.8% from 18.2% in the fourth quarter of 2017.
Revenue from our Materialise Manufacturing segment increased
6.8% to 23,926 kEUR for the fourth quarter of 2018 from 22,394 kEUR
for the fourth quarter of 2017. Segment EBITDA increased to 1,983
kEUR from 1,377 kEUR while the segment EBITDA margin increased to
8.3% from 6.1% for the same quarter in 2017.
Gross profit was 27,261 kEUR, or 55.6% of total revenue, for the
fourth quarter of 2018 compared to 23,601 kEUR, or 52.8% of total
revenue, for the fourth quarter of 2017.
Research and development (“R&D”), sales and marketing
(“S&M”) and general and administrative (“G&A”) expenses
increased, in the aggregate, 11.1% to 27,290 kEUR for the fourth
quarter of 2018 from 24,553 kEUR for the fourth quarter of
2017.
Net other operating income decreased by 1,135 kEUR to 810 kEUR
compared to 1,945 kEUR for the fourth quarter of 2017. Net other
operating income this quarter was impacted by higher provisions for
doubtful trade receivables, which totaled 852 kEUR, and included
the application of the new IFRS9 Financial Instruments accounting
standard.
Operating result decreased to 781 kEUR from 993 kEUR for the
same period in the prior year.
Net financial result was (420) kEUR compared to (356) kEUR for
the prior-year period.
Net profit for the fourth quarter of 2018 was 525 kEUR, compared
to net profit of 1,067 kEUR for the same period in 2017. The
operating profit decreased by 212 kEUR and our share in the loss of
a joint venture increased by 311 kEUR. Total comprehensive income
for the fourth quarter of 2018, which includes exchange differences
on translation of foreign operations, was 507 kEUR compared to 857
kEUR for the same period in 2017.
At December 31, 2018, we had cash and equivalents of 115,506
kEUR compared to 43,175 kEUR at December 31, 2017. Cash flow from
operating activities for the full year 2018 was 28,321 kEUR
compared to 9,951 kEUR in 2017.
Net shareholders’ equity at December 31, 2018 was 135,989 kEUR
compared to 77,054 kEUR at December 31, 2017.
Full Year 2018 Results
Total revenues for the year ended December 31, 2018 increased
29.6% to 184,721 kEUR compared to 142,573 kEUR for the year ended
December 31, 2017. Excluding the impact of our October 4, 2017
acquisition of ACTech, a full-service manufacturer of complex metal
parts, revenues increased 6.6% to 141,329 kEUR. Adjusted EBITDA for
the year ended December 31, 2018 was 23,526 kEUR, an increase of
61.0% compared to 14,610 kEUR for the year ended December 31, 2017.
The Adjusted EBITDA margin increased to 12.7% from 10.2% last year.
Excluding ACTech, Adjusted EBITDA was 14,097 kEUR for the year
ended December 31, 2018 compared to 13,067 kEUR for the year ended
December 31, 2017.
Revenues from our Materialise Software segment increased 4.5% to
37,374 kEUR for the year ended December 31, 2018 compared to 35,770
kEUR for the year ended December 31, 2017. The segment EBITDA
margin was 30.9% in 2018 compared to 38.9% in 2017.
Revenues from our Materialise Medical segment grew by 22.0% for
the year ended December 31, 2018 to 52,252 kEUR from 42,841 kEUR
for the year ended December 31, 2017. Medical software growth was
9.1%, and revenues from medical devices and services increased
29.3%. The segment EBITDA margin increased to 19.6% from 10.3%,
primarily as a result of the combination of revenue growth and
limited increases in operating expenses.
Revenues from our Materialise Manufacturing segment increased
49.0% to 94,956 kEUR for the year ended December 31, 2018 from
63,712 kEUR for the year ended December 31, 2017. Excluding ACTech,
revenues decreased 4.1% to 51,518 kEUR from 53,747 kEUR. The
segment EBITDA margin increased from 7.0% in 2017 to 11.4% in 2018.
Excluding ACTech, the segment EBITDA margin decreased to 2.7%.
Net profit improved from (2,117) kEUR for 2017 to a net
profit of 3,027 kEUR for 2018.
2019 Guidance
Mr. Leys concluded, “The additive manufacturing market continues
to evolve, as new applications gradually find their way to the
market, and we intend to continue positioning Materialise to
benefit from this promising growth market in the coming years. In
2019, Materialise will dedicate significant attention to the
partnerships that we have entered into and to the strategic
initiatives that we have launched over the previous years. In our
Materialise Software segment, we intend to maintain our leadership
position through innovation and strategic partnerships; in our
Materialise Medical segment we will drive the next stage of
innovation, including by launching initiatives in new growth areas;
and in our Materialise Manufacturing segment we will increasingly
focus on manufacturing of complex and unique parts.
“For fiscal 2019, we expect to report consolidated revenue
between 196,000 kEUR – 204,000 kEUR and Adjusted EBITDA between
29,000 kEUR – 33,000 kEUR. We expect the amount of deferred revenue
that Materialise generates from annual licenses and maintenance in
2019 to increase by an amount between 2,000 kEUR – 4,000 kEUR.”
Adjusted EBITDA guidance for 2019 includes the positive impact,
estimated at approximately 3,000 kEUR, of the application of the
new IFRS16 Leases accounting standard, which requires leases to be
recognized as an asset, and depreciated, over the lease term. As a
result of the increased depreciation by approximately the same
amount as the rental payments, our operating profit will not be
impacted by this new standard.
Business Combinations - ACTech
Our audited financial statements for the year ended December 31,
2017 appearing in our Annual Report on Form 20-F, as filed with the
U.S. Securities and Exchange Commission on April 30, 2018 (the “FY
2017 Form 20-F”), included a provisional accounting for the ACTech
business combination. The fair value analysis with respect to the
assets and liabilities acquired was not yet finalized as of the
reporting date.
During September 2018, as previously reported in our Third
Quarter 2018 Results release, and through October 4 2018, we
completed the fair value analysis of the ACTech business
combination, with corresponding adjustments to intangible assets,
property, plant and equipment, inventories and contracts in
progress, other current assets, investment grants and income taxes.
The impact has been accounted for as retrospective adjustments to
our consolidated statement of financial position as of December 31,
2017 and our consolidated income statement for the year ended
December 31, 2017. Including an adjustment to the inventories
valuation at ACTech, the total impact on the consolidated reserves
for the year ended December 31, 2017 and our 2017 fourth quarter
income statements amounted to (461) kEUR.
The adjustments are summarized as follows:
Consolidated statements of financial position
(in € 000)
For the year ended December 31, 2017 As
previously reported Adjustments Restated Goodwill
18,447 (895) 17,552 Intangible assets 28,646 (46) 28,600 Property,
plant & equipment 86,881 184 87,065 Inventories and contracts
in progress (*) 11,594 (567) 11,027 Other current assets 9,212
(1,537) 7,675
Assets 154,780 (2,861)
151,919 Consolidated reserves (3,250) (461) (3,711)
Deferred tax liabilities (non-current) 7,006 409 7,415 Deferred
income (non-current) 5,040 (1,272) 3,768 Tax payable 3,560 (1,537)
2,023
Equity and liabilities 12,356 (2,861)
9,495
Consolidated income
statements (in € 000)
For the year ended December 31,
2017 As previously reported Adjustments
Restated Cost of sales (62,787) (447) (63,234) Net other
operating income (expenses) 5,631 (26) 5,605 Income taxes (534) 12
(522)
(461)
(*) Relates to an adjustment to the inventories valuation
Non-IFRS Measures
Materialise uses EBITDA and Adjusted EBITDA as supplemental
financial measures of its financial performance. EBITDA is
calculated as net profit plus income taxes, financial expenses
(less financial income), shares of loss in a joint venture and
depreciation and amortization. Adjusted EBITDA is determined by
adding non-cash stock-based compensation expenses and
acquisition-related expenses of business combinations to EBITDA.
Management believes these non-IFRS measures to be important
measures as they exclude the effects of items which primarily
reflect the impact of long-term investment and financing decisions,
rather than the performance of the company's day-to-day operations.
As compared to net profit, these measures are limited in that they
do not reflect the periodic costs of certain capitalized tangible
and intangible assets used in generating revenues in the company's
business, or the charges associated with impairments. Management
evaluates such items through other financial measures such as
capital expenditures and cash flow provided by operating
activities. The company believes that these measurements are useful
to measure a company's ability to grow or as a valuation
measurement. The company's calculation of EBITDA and Adjusted
EBITDA may not be comparable to similarly titled measures reported
by other companies. EBITDA and Adjusted EBITDA should not be
considered as alternatives to net profit or any other performance
measure derived in accordance with IFRS. The company's presentation
of EBITDA and Adjusted EBITDA should not be construed to imply that
its future results will be unaffected by unusual or non-recurring
items.
Exchange Rate
This press release contains translations of certain euro amounts
into U.S. dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from euros to
U.S. dollars in this press release were made at a rate of EUR 1.00
to USD 1.145, the reference rate of the European Central Bank on
December 31, 2018.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast
to discuss its financial results for the fourth quarter of 2018 on
the same day, Wednesday, March 6, 2019, at 8:30 a.m. ET/2:30 p.m.
CET. Company participants on the call will include Wilfried
Vancraen, Founder and Chief Executive Officer; Peter Leys,
Executive Chairman; and Johan Albrecht, Chief Financial Officer. A
question-and-answer session will follow management’s remarks.
To access the conference call, please dial 844-469-2530 (U.S.)
or 765-507-2679 (international), passcode #8884671. The conference
call will also be broadcast live over the Internet with an
accompanying slide presentation, which can be accessed on the
company’s website at http://investors.materialise.com.
A webcast of the conference call will be archived on the
company's website for one year.
About Materialise
Materialise incorporates more than 25 years of 3D printing
experience into a range of software solutions and 3D printing
services, which form the backbone of the 3D printing industry.
Materialise’s open and flexible solutions enable players in a wide
variety of industries, including healthcare, automotive, aerospace,
art and design, and consumer goods, to build innovative 3D printing
applications that aim to make the world a better and healthier
place. Headquartered in Belgium, with branches worldwide,
Materialise combines one of the largest groups of software
developers in the industry with one of the largest 3D printing
facilities in the world. For additional information, please visit:
www.materialise.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, our intentions, beliefs,
assumptions, projections, outlook, analyses or current
expectations, plans, objectives, strategies and prospects, both
financial and business, including statements concerning, among
other things, current estimates of fiscal 2019 revenues, deferred
revenue from annual licenses and maintenance and Adjusted EBITDA,
our expectations regarding fiscal 2019 sales, Adjusted EBITDA
margin and investments, results of operations, cash needs, capital
expenditures, expenses, financial condition, liquidity, prospects,
growth and strategies (including our strategic priorities for
2019), and the trends and competition that may affect the markets,
industry or us. Such statements are subject to known and unknown
uncertainties and risks. When used in this press release, the words
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,”
“should,” and variations of such words or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon the expectations of
management under current assumptions at the time of this press
release. These expectations, beliefs and projections are expressed
in good faith and the company believes there is a reasonable basis
for them. However, the company cannot offer any assurance that our
expectations, beliefs and projections will actually be achieved. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events, competitive dynamics
and industry change, and depend on economic circumstances that may
or may not occur in the future or may occur on longer or shorter
timelines than anticipated. We caution you that forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors that are
in some cases beyond our control. All of the forward-looking
statements are subject to risks and uncertainties that may cause
the company's actual results to differ materially from our
expectations, including risk factors described in the company's
annual report on Form 20-F filed with the U.S. Securities and
Exchange Commission on April 30, 2018. There are a number of risks
and uncertainties that could cause the company's actual results to
differ materially from the forward-looking statements contained in
this press release.
The company is providing this information as of the date of this
press release and does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise, unless it
has obligations under the federal securities laws to update and
disclose material developments related to previously disclosed
information.
Consolidated income statements (Unaudited)
For the three monthsended
December 31
For the twelve monthsended
December 31
(in 000, except per share amounts) 2018 2018
2017* 2018 2017*
U.S.$ € € € € Revenue
56,121 49,014 44,733 184,721 142,573 Cost of sales (24,907)
(21,753) (21,132) (82,299) (63,234)
Gross profit 31,214
27,261 23,601 102,422 79,339 Gross profit as % of revenue 55.6%
55.6% 52.8% 55.4% 55.6% Research and development expenses
(6,109) (5,335) (5,535) (22,416) (19,959) Sales and marketing
expenses (14,394) (12,571) (10,739) (46,303) (39,109) General and
administrative expenses (10,745) (9,384) (8,279) (32,310) (25,484)
Net other operating income (expenses) 928 810 1,945 3,771 5,605
Operating (loss) profit 894 781 993 5,164 392
Financial expenses (1,498) (1,308) (1,434) (4,864) (4,728)
Financial income 1,017 888 1,078 3,627 3,210 Share in loss of joint
venture (211) (184) 127 (475) (469)
(Loss) profit before
taxes 202 177 764 3,452 (1,595) Income taxes 399 348 303
(425) (522)
Net (loss) profit of the period 601 525 1,067
3,027 (2,117) Net (loss) profit attributable to: The owners of the
parent 601 525 1,067 3,027 (2,117) Non-controlling interest − − − −
−
Earnings per share attributable to the
owners of the parent
Basic 0.01 0.01 0.02 0.06 (0.04) Diluted 0.01 0.01 0.02 0.06 (0.04)
Weighted average basic shares outstanding 52,882 52,882
47,325 49,806 47,325 Weighted average diluted shares outstanding
53,761 53,761 48,467 50,609 47,325
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
Consolidated statements of comprehensive income
(Unaudited)
For the three monthsended
December 31
For the twelve monthsended
December 31
(in 000) 2018 2018 2017*
2018 2017*
U.S.$ € €
€ € Net profit (loss) for the period
601 525 1,067 3,027 (2,117) Other comprehensive income Exchange
difference on translation of foreign operations (21) (18) (210)
(47) (691) Other comprehensive income (loss), net of taxes (21)
(18) (210) (47) (691)
Total comprehensive income (loss) for the
year, net of taxes 580 507 857 2,980 (2,808) Total
comprehensive income (loss) attributable to: The owners of the
parent 580 507 857 2,980 (2,808) Non-controlling interest − − − − −
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
Consolidated statements of financial position
(Unaudited)
As of December 31 (in 000)
2018
2017* € € Assets
Non-current assets
Goodwill 17,491 17,552 Intangible assets 26,326 28,600 Property,
plant & equipment 92,537 87,065 Investments in joint ventures -
31 Deferred tax assets 315 304 Other non-current assets 7,237 3,667
Total non-current assets 143,906 137,219
Current assets
Inventories and contracts in progress 9,986 11,027 Trade
receivables 36,891 35,582 Other current assets 6,936 7,675 Cash and
cash equivalents 115,506 43,175
Total current assets
169,319 97,459 Total assets 313,225
234,678 As of December 31
(in 000) 2018 2017*
€ €
Equity and liabilities Equity Share capital 3,050
2,729 Share premium 136,637 79,839 Consolidated reserves (1,848)
(3,711) Other comprehensive income (1,850) (1,803)
Equity attributable to the owners of
the parent
135,989
77,054
Non-controlling interest − −
Total equity 135,989 77,054
Non-current liabilities
Loans & borrowings 92,440 81,788 Deferred tax liabilities 6,226
7,415 Deferred income 4,587 3,768 Other non-current liabilities 868
1,904
Total non-current liabilities 104,121 94,875
Current liabilities
Loans & borrowings 13,598 12,769 Trade payables 18,667 15,670
Tax payables 2,313 2,023 Deferred income 23,195 18,791 Other
current liabilities 15,342 13,496
Total current liabilities
73,115 62,749
Total equity and liabilities 313,225 234,678
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
Consolidated statements of cash flows (Unaudited)
For the twelve monthsended
December 31
(in 000)
2018 2017* €
€ Operating activities Net (loss) profit of the
period 3,027 (2,117) Non-cash and operational adjustments
Depreciation of property, plant & equipment 12,223 8,754
Amortization of intangible assets 5,064 3,822 Share-based payment
expense 1,075 1,033 Loss (gain) on disposal of property, plant
& equipment (83) 25 Fair value contingent liabilities (455) -
Movement in provisions 5 61 Movement reserve for bad debt 1,293 502
Financial income (581) (381) Financial expense 2,172 1,597 Impact
of foreign currencies (299) 302 Share in loss of a joint venture
(equity method) 475 469 (Deferred) Income taxes 426 522 Other 87
(22)
Working capital adjustment & income tax paid
Increase in trade receivables and other receivables (3,156) (4,973)
Decrease (increase) in inventories 812 (417) Increase in trade
payables and other payables 7,604 2,343 Income tax paid (1,368)
(1,569)
Net cash flow from operating activities
28,321 9,951
For the twelve monthsended
December 31
(in 000) 2018 2017*
€ €
Investing activities Purchase of property, plant &
equipment (18,270) (27,733) Purchase of intangible assets (1,836)
(4,345)
Proceeds from the sale of property, plant
& equipment & intangible assets (net)
281
221
Acquisition of subsidiary - (27,173) Investments in joint-ventures
- (500) Other investments (2,671) - Interest received 363 281
Net cash flow used in investing activities (22,133) (59,249)
Financing activities Proceeds from loans &
borrowings 32,554 54,319 Repayment of loans & borrowings
(18,820) (11,904) Repayment of finance leases (3,102) (2,947)
Capital increase in parent 60,489 - Direct attributable expense of
capital increases (4,003) - Interest paid (1,733) (955) Other
financial income (expense) (150) (472)
Net cash flow from (used
in) financing activities 65,235 38,041
Net increase
of cash & cash equivalents 71,423 (11,257) Cash & cash
equivalents at beginning of the year 43,175 55,912 Exchange rate
differences on cash & cash equivalents 908 (1,480) Cash &
cash equivalents at end of the year 115,506 43,175
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted
EBITDA (Unaudited)
For the three monthsended
December 31
For the twelve months ended
December 31
(in 000) 2018 2017* 2018
2017*
€ € € € Net profit
(loss) for the period 525 1,067 3,027 (2,117) Income
taxes (348) (303) 425 522 Financial expenses 1,308 1,434 4,864
4,728 Financial income (888) (1,078) (3,627) (3,210) Share in loss
of joint venture 184 (127) 475 469 Depreciation and amortization
4,753 4,434 17,287 12,576
EBITDA 5,534 5,427 22,451
12,968 Non-cash stock-based compensation expense (1) 518 36
1,075 1,033 Acquisition-related expenses of business combinations -
343 - 609
ADJUSTED EBITDA 6,052 5,806 23,526 14,610
(1) Non-cash stock-based compensation expenses represent the
cost of equity-settled and cash-settled share-based payments to
employees.
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
Segment P&L (Unaudited)
(in
000)
MaterialiseSoftware
MaterialiseMedical
MaterialiseManufact-uring
Totalsegments
Unallocated
Consoli-dated € € € €
€ € For the three months ended December 31,
2018 Revenues 10,044 15,081 23,926 49,051 (37) 49,014 Segment
EBITDA 2,969 3,593 1,983 8,545 (3,011) 5,534
Segment EBITDA %
29.6% 23.8% 8.3% 17.4% 11.3%
For the three months ended
December 31, 2017* Revenues 10,468 11,842 22,394 44,704 29
44,733 Segment EBITDA 4,619 2,158 1,377 8,154 (2,727) 5,427
Segment EBITDA %
44.1% 18.2% 6.1% 18.2% 12.1%
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
(in 000)
MaterialiseSoftware
MaterialiseMedical
MaterialiseManufact-uring
Totalsegments
Unallocated
Consoli-dated € € € €
€ € For the twelve months ended December
31, 2018 Revenues 37,374 52,252 94,956 184,582 139 184,721
Segment EBITDA 11,536 10,252 10,785 32,573 (10,122) 22,451
Segment EBITDA %
30.9% 19.6% 11.4% 17.6% 12.2%
For the twelve months ended
December 31, 2017* Revenues 35,770 42,841 63,712 142,323 250
142,573 Segment EBITDA 13,926 4,400 4,439 22,765 (9,797) 12,968
Segment EBITDA %
38.9% 10.3% 7.0% 16.0% 9.1%
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
Reconciliation of Net Profit (Loss) to Segment EBITDA
(Unaudited)
For the three monthsended
December 31
For the twelve monthsended
December 31
(in 000) 2018 2017* 2018
2017*
€ € € € Net profit
(loss) for the period 525 1,067 3,027 (2,117) Income taxes
(348) (303) 425 522 Finance cost 1,308 1,434 4,864 4,728 Finance
income (888) (1,078) (3,627) (3,210) Share in loss of joint venture
184 (127) 475 469
Operating profit 781 993 5,164 392
Depreciation and amortization 4,753 4,434 17,287 12,576
Corporate research and development 444 490 1,913 2,017 Corporate
headquarter costs 2,844 2,706 10,358 9,690 Other operating income
(expense) (277) (469) (2,149) (1,910)
Segment EBITDA
8,545 8,154 32,573 22,765
(*): 2017 has been restated following the final accounting of
the ACTech business combination and the adjustment to the ACTech
inventories valuation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190306005070/en/
Investor RelationsHarriet
FriedLHA212.838.3777hfried@lhai.com
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